South Korea's Financial Services Commission (FSC) has postponed its final decision on licensing operators for security token over-the-counter (OTC) exchanges, creating uncertainty in the digital asset market. The decision, initially expected by the end of January 2025, affects two shortlisted consortia led by Korea Exchange (KRX) and Nextrade (NXT). This delay follows the FSC's completion of its initial review process but suggests additional regulatory considerations are needed. The licensing process, part of South Korea's strategy to establish regulated security token markets, has faced criticism over its transparency. The FSC's decision impacts financial institutions and technology providers preparing for security token offerings and infrastructure deployment. The delay could affect South Korea's competitive position in the global digital asset ecosystem, as market participants await regulatory clarity and operational platforms.